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Madison Wisconsin's Estate Planning Blog
Saturday, February 16, 2019
You probably know that the practice of medicine is a profession fraught with the risk of liability. It’s not just medical malpractice claims either (although those are certainly scary enough). It’s the entire scope of risk from being in business, including employment-related issues, careless business partners and employees, and contractual obligations, as well as personal liabilities. Unfortunately, in our litigious society, these liability risks are not unique to physicians, although physicians are a frequent target. Below are three liability planning tips for physicians to protect their hard-earned money. Read more . . .
Saturday, February 16, 2019
You probably know that the practice of medicine is a profession fraught with the risk of liability. It’s not just medical malpractice claims either (although those are certainly scary enough). It’s the entire scope of risk from being in business, including employment-related issues, careless business partners and employees, and contractual obligations, as well as personal liabilities. Unfortunately, in our litigious society, these liability risks are not unique to physicians, although physicians are a frequent target. Below are three liability planning tips for physicians to protect their hard-earned money. Read more . . .
Thursday, February 14, 2019
If you or someone you know has received an inheritance, it is important for you to understand how to manage your basis “step up.” A “step up” in basis is the adjustment of the value of an appreciated asset - for tax purposes - upon inheritance. IRS Taxes An executor who has to file a federal estate tax return must also file Form 8971 with the IRS. The purpose of Form 8971 is to report the final value of the specific property received by a beneficiary, the recipient of that property, and other information. An executor must also provide a Schedule A to each beneficiary who has acquired - or will acquire - property from the decedent and the final value of that property. Read more . . .
Wednesday, February 13, 2019
The year 2018 has been no stranger to natural disasters. From multiple earthquakes, back-to-back hurricanes, and raging wildfires, the United States and abroad has suffered some serious natural disasters. These acts of nature can devastate your life and your family. Who knows what 2019 will bring. In addition to creating a disaster preparedness plan for your family, be sure to protect your legal documents during these events. Read more . . .
Tuesday, February 12, 2019
Sadly, most Americans are indifferent to estate planning - at best - or completely ignore the issue - at worst. When it comes to estate planning, however, there are just some mistakes that you cannot afford to make. Below are five of the most critical estate planning mistakes. - Not having any estate plan. This is the biggest mistake, especially among younger professionals or young parents who assume they don’t need one.
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Monday, February 11, 2019
Hiring an estate planner is an important decision as you are seeking advice on how to protect your loved ones once you are gone. For this reason, it is critical to hire an attorney with good knowledge of estate planning and how to use the tools available to create the best plan for your particular needs. Be sure to ask questions of the lawyer before deciding whether or not you will hire him or her. Here are three key questions to ask when looking to hire an estate planner. - How does the attorney’s estate planning process achieve your goals? Just like every family’s needs are different, you should make sure the attorney you hire does not have a one-size-fits all approach when putting together an estate plan for clients.
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Sunday, February 10, 2019
Confused about the differences between wills and trusts? If so, you’re not alone. While it’s always wise to contact experts like us, it’s also important to understand the basics. Here’s a quick and simple reference guide: What Revocable Living Trusts Can Do – That Wills Can’t - Avoid a conservatorship and guardianship. A revocable living trust allows you to authorize your spouse, partner, child, or other trusted person to manage your assets should you become incapacitated and unable to manage your own affairs. Wills only become effective when you die, so they are useless in avoiding conservatorship and guardianship proceedings during your life.
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Saturday, February 9, 2019
Most Americans do not have a simple will as part of their estate plan. You might believe that a will is only for the rich and famous, and not the average person who has a far smaller net worth. On the other hand, you may think that a will is entirely unnecessary since you have a trust, jointly owned property, or have named beneficiaries on your insurance. So, do you really need a will? The short answer to this question is “yes.” In fact, everyone who owns anything - no matter how little value it may seem to have - should have a will. Read more . . .
Friday, February 8, 2019
Although many people equate “estate planning” with having a will, there are many advantages to having a trust rather than a will as the centerpiece of your estate plan. While there are other estate planning tools (such as joint tenancy, transfer on death, beneficiary designations, to name a few), only a trust provides comprehensive management of your property in the event you can’t make financial decisions for yourself (commonly called legal incapacity) or after your death. One of the primary advantages of having a trust is that it provides the ability to bypass the publicity, time, and expense of probate. Probate is the legal process by which a court decides the rightful heirs and distribution of assets of a deceased through the administration of the estate. This process can easily cost thousands of dollars and take several months to more than a year to resolve. Read more . . .
Thursday, February 7, 2019
You have worked hard for years, have family members and friends you care about, and have approached a time in your life when “estate planning” sounds like something you should do, but you are not exactly sure why. You may feel that you are not wealthy enough or old enough to bother or care. Or you may already have a Will and feel that you are all set on that front. Whatever your current position, consider these common misconceptions about estate planning: 1. Estate planning is for wealthy(ier) people. Read more . . .
Wednesday, February 6, 2019
Most people understand that having some sort of an estate plan is a good thing. However, many of us don’t take the steps to have an estate plan prepared because we don’t understand the nuances between wills and trusts – and dying without either. Here’s what will generally happen if you die, intestate (without a will or trust), with a will, and with a trust. For this example, we’re assuming you have children, but no spouse: - 1. Intestate.
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Nennig Law Offices, LLC assists clients in Madison, WI and throughout Southern Wisconsin including Verona, Middleton, Sun Prairie, Cross Plains,Sauk City, Belleville, Waunakee, Mount Horeb, Oregon, Black Earth, DeForest,Monona, McFarland, Stoughton, Cambridge, Deerfield and Fitchburg.
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